TAJ Aims to Boost Revenue Intake

Tax Administration Jamaica (TAJ) is to undertake several measures aimed at further boosting the Government’s revenue intake, through increased compliance.

These include increased public education and information dissemination, as well as utilisation of measures under the legislative authority available to the agency.

The measures include: access to third party information; and publication of details of delinquent taxpayers.

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has noted that revenue is less than targeted, specifically from corporate taxes and general consumption tax (GCT), during the 2014 calendar year.

Speaking at a media briefing at Jamaica House earlier this week, where he outlined details of the recent Cabinet retreat, Dr. Phillips said underperformance in both tax categories was due primarily to lower quarterly declarations by several companies.

“That was probably due, based on the analysis provided, to the delay by many companies (which wanted to) tailor their operations to the new fiscal regime that was introduced last year,” he informed.

Despite this, Dr. Phillips said last year’s tax out-turn, while slightly below target, was above the previous year’s figure, with Jamaica Customs Agency collections “marginally” above target, at $201 billion.

In addition, he said all basic benchmarks were met, with the Administration meeting the primary surplus and fiscal deficit targets, as at December.

Dr. Phillips said TAJ will undertake public education, and execute its legislative authority to boost compliance, “given the priority on meeting our targets.”